\begin{tabular}{lccccc} \hline
 & (1) & (2) & (3) & (4) & (5) \\
VARIABLES & MC & LGB & MC & LGB & ALL \\ \hline
 &  &  &  &  &  \\
LGB context & 0.00297*** & 0.0323*** & -0.00799*** & 0.00758** & -0.00799*** \\
 & (0.000240) & (0.00209) & (0.000318) & (0.00311) & (0.000318) \\
c.AREA\#c.lgb\_indicator &  &  &  &  & 0.0156*** \\
 &  &  &  &  & (0.00313) \\
Constant & 0.899*** & 0.909*** & 0.904*** & 0.880*** & 0.905*** \\
 & (0.000120) & (0.00218) & (0.000168) & (0.00343) & (9.92e-05) \\
 &  &  &  &  &  \\
Observations & 18,334,846 & 53,561 & 17,563,274 & 52,646 & 17,615,920 \\
R-squared & 0.000 & 0.005 & 0.556 & 0.513 & 0.556 \\
Ind. FE & NO & NO & YES & YES & YES \\
 Year FE & NO & NO & YES & YES & YES \\ \hline
\multicolumn{6}{c}{ Robust standard errors in parentheses} \\
\multicolumn{6}{c}{ *** p$<$0.01, ** p$<$0.05, * p$<$0.1} \\
\end{tabular}
